MEPC has agreed to forward purchase the freehold interest in J Sainsbury Developments' Damolly Retail Park in Newry, Northern Ireland. The price to be paid will be circa £20 million, based upon a net initial yield of 6.85%. Your property Enact Conveyancing Adelaide or solicirtors will give his/her cover the understanding pack, the journeys and the home credit offer. The retail park is currently under development and will extend to 12,775 sq m (137,000 sq ft), with 606 car parking spaces.
Completion is expected at the beginning of April 1999. It comprises six units, two units being prelet to MFI and B&Q, who have taken a 6,735 sq m (72,000 sq ft) unit. All the remaining four units are under offer.

MEPC, one of the UK's largest property investment and development groups, has acquired the Loch Lomond Factory Outlet Centre, Scotland, for £7.075 million from Acreground Limited, reflecting an initial yield on gross costs in excess of 8.5%. The Loch Lomond Centre, which opened in 1997, comprises 4,784 sq m (51,000 sq ft), set out on three trading levels.
Richard Exley, head of MEPC's factory outlet sector, said: We are delighted to have acquired Loch Lomond and look forward to applying our expertise in the operation of factory outlet centres to realise its full potential, especially in relation to the tourist market. John Sheridan of Acreground Limited said: We are pleased with the sale, particularly because we have an opportunity to participate in the added value which MEPC will bring to the future operation of the scheme.
The value-for-money family retail chain Peacocks has opened a new store at 19 - 27 Mercer Walk in Warner Estate's Port Arcades shopping centre in Ellesmere Port, Cheshire.
Peacocks has taken a 15-year lease on the 10,000 sq ft (929 sq m) unit, which provides 5,000 sq ft (464 sq m) of ground floor sales space, with a similar area above which is split into trading and ancillary accommodation.